Of the seven members, four are proposed to be government nominees and the rest from RBI.
Finance Minister P Chidambaram will soon have to decide whether to stick by his predecessor's choice of former Reserve Bank governor Y V Reddy for chairmanship of the 14th Finance Commission, to be set up next month.
'Trust your new governor,' Omkar Goswami advises RBI Deputy Governor Viral Acharya. 'Just because he is from the IAS and doesn't carry a PhD from a US university does not make him unsuitable for the task.' 'If anything, Das will pour oil on troubled waters, and save the RBI's reputation.'
"The autonomy for the central bank, within the framework of the RBI Act, is an essential and accepted governance requirement. Government of India has nurtured and respected this," the finance minister said in a statement.
The first tranche of Sovereign Gold Bonds 2021-22 will be open for subscription for five days from Monday, the finance ministry said in a statement. The bonds will be issued in six tranches from May 2021 to September 2021, it said on Wednesday. The subscription period for 2021-22 Series I will be May 17-21, and bonds will be issued on May 25.
RBI feels allowing foreign companies into this business may affect financial stability.
Government, RBI sign pact to target CPI at 4%.
India's inflation trajectory in the coming months will be influenced more by the geo-political situation due to the war in Europe and its impact on supply chains and commodity prices. However, the country is better placed than most to "weather the storm" and achieve growth of close to 8 per cent in the current fiscal year, the finance ministry said in its latest monthly economic report on Thursday. "Through the channel of imports, elevated global crude and edible oil prices now have a significant impact on India's inflation outlook. "Government measures to keep the prices of these commodities in check, along with the recent hike in policy rates by the RBI, are expected to temper inflationary pressures in the economy," the monthly economic report for April, drafted by the finance ministry's economic division, said.
The main difference of opinion between RBI and FinMin is over the transfer of the RBI's 'excess' capital reserves. The Jalan panel seeks to convince finance secretary Subhash Garg to soften his dissent note language. The move is aimed at maintaining the now-cordial relations between the RBI and the finance ministry.
SBI's home loans, which offer a lower interest rate in the initial years and rate increases in the later years, were termed teaser loans by the Reserve Bank of India.
Finance Minister Pranab Mukherjee on Friday asserted that India's economy is 'robust' and its growth story is intact, amid fears of another global economic turmoil that sent the world stocks into a tailspin.
Backloading the government's borrowing programme suggests the finance ministry's confidence in better revenue numbers, says A K Bhattacharya.
The worst hit, due to this crash of the rupee, would be students who are planning to pursue further education abroad.
Ahead of the monetary policy review, RBI governor D Subbarao is expected to meet Prime Minister Manmohan Singh and finance minister Pranab Mukherjee on October 23.
While experts' views are divided, the move is aimed at improving the coordination between the government and the regulator.
The FM's proposal on new banks and a Financial Stability and Development Council could spark tension with RBI.
Of the three major Budget announcements related to the banking sector, privatisation of PSBs is the most audacious, says Tamal Bandyopadhyay.
A sluggish industrial growth has impacted the corporate bond market, too.
PSBs have been requested to reach out to MSMEs to provide bill discounting to them against their dues since they suffer the most from shortage of cash.
Overhauling India's bloated and often sluggish state banks is critical for the government
The Reserve Bank has given an in-principle nod to invest $5 billion of foreign exchange reserves annually in infrastructure projects through two subsidiaries of India Infrastructure Finance Company.India's forex reserves stood at $266.52 billion as on November 2 and experts believe that they should be utilised at least for financing infrastructure projects.
Rupee has depreciated against major international currencies since July 2011.
The question is which tool it should use to shift gear.
The Centre is in "mission mode" to fill vacancies in government departments and ministries. The Department of Expenditure is currently following up with other wings of the government to expedite pending appointments. Regular follow-ups are being made to fill the vacant positions, so that the stated target of eliminating 1 million vacancies is met by December 2023, ahead of the next Lok Sabha elections. Even as the nodal ministry for filling vacant positions in the government is the Department of Personnel and Training (DoPT), the Department of Expenditure's Establishment Coordination (Personnel) division is providing support for the recruitment drive.
RBI Governor Raghuram Rajan will also participate in the meet.
'I suspect the recovery that the banks are going to get out of this IBC is not going to be more than 30 per cent.' 'If you leave the steel industry aside, the recovery rates are not looking very, very healthy,' Jairam Ramesh tells the Rajya Sabha.
Subramanian, a senior fellow at the Peterson Institute for International Economics in Washington, attended a news conference in New Delhi at which his appointment was announced.
Two key depts in ministry cold to rationale for one; postal dept says it's more eligible than IDFC or Bandhan, feels 'strong lobby' scuttling its plans.
The ministry on Thursday discussed the issue with participants of the debt market to enlist views for widening the corporate bond market.
RBI may also be open to injecting liquidity through open market purchases of bonds but is resisting relaxing capital buffers for banks.
The finance ministry said it would wait for RBI guidelines, a development which will provide much relief to ICICI Bank and HDFC Bank. Both are already known as Foreign Owned Indians Controlled entities, after foreign investment in them rose much above 50 per cent, following new norms of calculations by the commerce ministry.
The finance ministry has called a meeting of the State-Level Bankers Committee in New Delhi on Tuesday, which will be attended by officials from scheduled commercial banks, regional rural banks, cooperatives, Reserve Bank of India, National Bank for Agriculture and Rural Development, the Centre as well as states. The meeting will be presided over by financial services department secretary Arun Ramanathan.
Former Reserve Bank Governors do not seen any harm in central bank consulting the government before firming up monetary policy initiatives saying such an step would not amount to infringement on its independence.
The Reserve Bank of India does not have any estimate of alleged illegal gold transactions going on in the country, according an RTI reply.
India's foreign exchange reserves are at an all-time high.
In 2010, ministry told its officers nominated on PSB boards to stay away from big-loan panels; central bank followed suit.
The governor had just made an elaborate presentation in defence of the central bank's decision to not to succumb to industry's demand for rate cuts in the mid-quarter policy.
The governor had just made an elaborate presentation in defence of the central bank's decision to not to succumb to industry's demand for rate cuts in the mid-quarter policy.
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